Ligand Pharmaceuticals (NASDAQ: LGND) discloses CFO sale of 1,804 shares

Rhea-AI Filing Summary

Ligand Pharmaceuticals reported an insider stock sale by its chief financial officer, Octavio Espinoza. In the transaction dated 12/12/2025, he sold 1,804 shares of the company’s common stock at a price of $188.31 per share, coded as a sale in the regulatory report.

Following this transaction, Espinoza beneficially owns 26,186 shares of Ligand Pharmaceuticals common stock in direct ownership. The report is filed as an individual filing by one reporting person in his capacity as an officer and chief financial officer.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Espinoza Octavio

(Last) (First) (Middle)

555 HERITAGE DRIVE

SUITE 200

(Street)

JUPITER FL 33458

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
LIGAND PHARMACEUTICALS INC [ LGND ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Financial Officer

3. Date of Earliest Transaction (Month/Day/Year)
12/12/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	12/12/2025		S		1,804	D	$188.31	26,186	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

	By: /s/ Andrew Reardon, Attorney-in-Fact For: Octavio Espinoza	12/16/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did Ligand Pharmaceuticals (LGND) disclose?

Ligand Pharmaceuticals disclosed that its chief financial officer, Octavio Espinoza, sold 1,804 shares of common stock on 12/12/2025 at a price of $188.31 per share.

Who is the insider involved in this LGND stock sale?

The insider is Octavio Espinoza, who is identified as an officer of Ligand Pharmaceuticals with the title Chief Financial Officer.

How many Ligand Pharmaceuticals shares does the CFO own after the sale?

After the reported sale, Octavio Espinoza beneficially owns 26,186 shares of Ligand Pharmaceuticals common stock in direct ownership.

What type of security was sold in this LGND insider transaction?

The transaction involved common stock of Ligand Pharmaceuticals, as shown in the non-derivative securities table.

Was this insider report for one or multiple reporting persons at LGND?

The report indicates that the form was filed by one reporting person, specifically covering the holdings and transaction of Octavio Espinoza.

Is the reporting person a director or 10% owner of Ligand Pharmaceuticals?

The relationship section marks the reporting person as an officer, with the title Chief Financial Officer. The checkboxes for Director and 10% Owner are not selected.